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NPA sanctions four OMCs for illicit third-party trading

The National Petroleum Authority (NPA) has sanctioned four Oil Marketing Companies (0MCs) for engaging in illicit third-party trading of petroleum products.

The National Petroleum Authority (NPA) has sanctioned four Oil Marketing Companies (0MCs) for engaging in illicit third-party trading of petroleum products.

The affected oil marketing companies are Finest Oil, Petro XP, Glasark Oil, and Lilygold Resources Ltd.

A statement by the NPA said “Finest Oil will pay a fine of GHS160, 000.00 comprising of GHS10, 000.00 for engaging in Third Party Supplies for the first time and GHS150,000.00 for the unlawful lifting of petroleum products. Failure to comply will attract an additional one (1) month’s suspension of its operations.

“That Petro XP will also pay a fine of GHS340,000.00 comprising GHS10, 000.00 for engaging in Third Party Supplies for the first time and GHS330,000.00 for the unlawful lifting of Petroleum products. Failure to comply will attract an additional one (1) month’s suspension of its operations.

According to the statement, “Glasark Oil will pay a fine of GHS95,000.00 comprising GHS10,000.00 for engaging in Third Party Supplies for the first time and GHS85,000.00 for the unlawful lifting of Petroleum products. Failure to comply will attract an additional one (1) month’s suspension of its operations.

“That Lilygold Resources Ltd will pay a fine not exceeding five (5) times the License/Permit fee for breaking the Authority’s seals and failure to pay will result in the suspension of its operating license in addition to paying the Penalties meted out to it.”

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Source: citinewsroom.com

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